All the focus over the coming months will be on Turkey, where we expect policymakers to follow up a likely rate hike this week with further monetary tightening. Elsewhere in the region, while inflation risks continue to build in Central Europe, a recent bout of currency strength looks set to delay further interest rate hikes. Nonetheless, we still think that rates will have to rise by the end of this year, while talk of imminent rate cuts looks premature.
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